vs. SPY

This weekend I expect that the rudder of the NFTRH ship, the Market Internals segment, is going to be very busy. Among so many macro indicators we’ll also take a look at key US market internal signals and specific inter-market relationships. So to make NFTRH 521 less busy, let’s do these general ‘Sectors relative to SPY’ charts here on the public site today.

In the wake of a really nice market mini correction…

Players in Financials took the bait on the recent interest rate hype and got whipsawed, relative Energy popped and dropped, Healthcare’s leadership is fine, relative Industrials got clubbed back to SMA 50 and need to hold here to continue their post-July leadership trend, Materials are trending down and the daily chart continues to indicate that tech leadership is rolling over.

Let’s see what the weekly has to say. Financials… close but no cigar boyz, despite the oil hype relative Energy trends down, Healthcare still looks good, Industrials are on a big weekly whipsaw candle and negatively trending, Materials = Palookaville and there’s Tech leadership still intact.

REITs are not very good looking, Utes are neutral/positive, Tranny sideways, Biotech suspect, Medical Device intact (I took a ridiculous 315% profit on remaining TRXC shares and bought back on the harsh pullback, also added the over valued but quality EW on its big tank job). Medical Device is a defensive sector in normal times (i.e. times when the Armanis on Wall St. are not momo’ing them like they have been in recent months). Retail has really fallen off over the last month.

REITs are not very good, relative Utes are making an interesting stab above a recent range. REITs and Utes have similar interest rate affinities, so somebody may catch up – or down – to the other. Tranny as always is sideways (must be boring as hell in those well appointed offices where the ascot and smoking jacket clad distinguished gentlemen * reside), Bio is locked in a relative downtrend, Medical Device is still overbought (not that it matters) and Retail is getting suspect.

* It’s my humor. Whether or not you get it, I crack myself up sometimes.

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